Canada’s Credit Union System Hits Two Milestones

TORONTO, Ontario — November 20, 2007 - Strong growth in the Canadian credit union system has pushed it to two new records: more than $100 billion in assets and more than five million members at the end of the third quarter of 2007.

Combined assets for the system rose 10.8%, year-over-year, to reach $102.4 billion at third quarter 2007, a 45% increase or $32 billion gain over the last five years, according to Credit Union Central of Canada. Deposits and savings increased by almost $7.8 billion to reach $89.2 billion at quarter-end. Consolidation continued in the system and the number of credit unions declined to 472 from 501 a year earlier.

Demand for loans remained high as total system loans increased by an annualized 11% or $8.5 billion to reach $86.1 billion at third quarter. Loans as a percentage of total deposits are currently at 96.5%, compared to 95% 12 months ago and 89% 10 years ago. (CU Times)

(Editors note: Canadian Credit Unions serve members well despite being taxed.)